Credit-rating agency Standard & Poor’s downgraded Qantas Airways to below investment grade status, despite the struggling Australian carrier’s steps to get its fiscal house in order.

According to the Wall Street Journal, Qantas has committed to cutting its budget by A$2 billion and slashing its workforce by 1,000 employees after years of weak demand and high fuel-costs.

S&P’s decision to downgrade its investment status from BBB- to BB+, or junk status, accelerated a slide in Qantas’ share price and threatened to raise the company’s borrowing costs. On the other hand, as the WSJnotes, Qantas is not alone. Most airlines have low credit-ratings.